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Abu Dhabi-based NMC Healthcare has reportedly received bids to sell its distribution unit and will soon be selling it to different parties.

The development comes over three months after NMC Healthcare’s founder and then-chairman B R Shetty stepped down amid allegations of massive fraud. 

The company, which recently laid off hundreds of workers, is offloading stake in the subsidiary as it is considered non-core and requires substantially high working capital to run the operations. In addition, this stake sale will help the company pay off some of its debt

"There are parties who have strong interest in the distribution business. NMC will be offloading the unit soon and that also to different parties," a source said.

"The company is in the process of exploring options for NMC Trading, the group's distribution business, which it has determined to be non-core and requiring substantial levels of working capital. The process should not materially adversely impact distributors' activities, nor NMC Trading's customers," an NMC Healthcare spokeswoman said.

The UK-court has appointed Alvarez & Marsal as administrator to oversee the operations of the debt-ridden hospital operator. The healthcare firm has been caught in a whirlpool of $6.6 billion debt while its senior former high management team is under investigation for financial irregularities.

The UAE Central Bank has direct local banks to freeze all bank accounts of NMC founder BR Shetty and his family members as well as accounts of those companies where he has a stake. The Central Bank move is subsequent to a criminal complaint filed by Abu Dhabi Commercial Bank, which has the largest exposure to NMC Healthcare, amounting Dh3 billion.

As the company faces financial difficulties, Reuters reported that NMC Health delayed May staff salaries and now expects to complete making payments by the first week of June.

The spokeswoman said: "The company has been in regular dialogue with its creditor constituencies through various creditor committees, including the direct bank lenders to its NMC Trading businesses."

Bengaluru, Mar 15: The Karnataka government has intensified screening all international passengers at airports by classifying them into three risk categories.

Passengers, who are symptomatic on arrival fall under risk category 1, those aged above 60 and have Symptoms fall under category 2. Those who fall in both these categories are being quarantined at designated facilities for 14 days from arrival.

Asymptomatic passengers arriving from any of the COVID-19 affected countries will fall under category 3 and will be advised to be under strict home quarantine for 14 days, Medical Education Minister Dr K Sudhakar said here on Sunday.

Bengaluru, Jul 25: Kalmane Kamegowda, the lake man who was recently praised by Prime Minister Narendra Modi during a recent Mann Ki Baat, is in serious condition after he tested positive for COVID-19, former Karnataka Chief Minister HD Kumaraswamy said on Saturday.

"The health condition of Lake Kamegowda is serious. It is our responsibility to save him. I demand that the state government make appropriate arrangements for emergency treatment," Kumaraswamy tweeted.

"The Prime Minister also praised him in Mann Ki Baat. Chief Ministers expressed appreciation. Only praising doesn't help him at this point of time. The government needs to come forward to treat him in a good hospital when he's sick," he said in the following tweet.

Kamegowda of Dasanadoddi village in Malavalli taluk had drawn the attention of the Prime Minister in the 66th 'Mann Ki Baat' for constructing ponds to conserve rainwater during the summer.

Responding to Kumaraswamy's remark, State Medical Education Minister Dr Sudhakar K said that he has already called up the Mandya Medical College and directed the hospital to admit and treat Kamegowda.

"As soon as I noticed the seriousness of Kamagowad's health, I called the director of the Mandya Medical College and informed him that he should be admitted to the hospital and treated. I pray to the Lord that the Kamagowadas who inspire the whole country will heal soon," Sudhakar K tweeted.